According to Glassnode, a firm specializing in on-chain analytics, the latest weekly report indicates a slowdown in the demand for Bitcoin.
Recent Behavior of Bitcoin Realized Cap
Glassnode’s latest report delves into the trends surrounding the Bitcoin Realized Cap. Realized Cap is a method of measuring Bitcoin’s value based on the last known transaction on the blockchain, assuming it represents the current value of the coin in circulation.
This concept helps track the movement of capital into or out of Bitcoin, reflecting the total capital invested by users in purchasing the cryptocurrency.
A chart provided by Glassnode illustrates the trend in Bitcoin Realized Cap over the past few years, showing a sharp increase during the previous rally towards a new all-time high (ATH) and a subsequent slower growth pattern reflecting the current market conditions.
Current Status of BTC Price
Bitcoin recently exceeded $71,000 but has since dipped to $70,200. The market continues to fluctuate as demand and supply factors play out.
